Analyzing your Business
In the previous chapter, we had discussed how important it is to understand the possibilities, the implications that come with taking your business online and to really know if you’re ready or not. We had established the fact that regardless of whether your answers were yes to all the 5 questions or no to some, you can indeed take your business online.
Now that you’ve decided you will be taking off, what’s the first thing you should do?
Well, check the title of the blog.
Each one of us knows the importance of analyzing our own business before judging someone else’s.
How do you know you’re prepared?
What is even the epitome of being all set?
If you have the following parameters in check, you’re good to go.
We live in the times where there’s an alternative to everything. Tiktok got banned? Don’t worry, 500 more alternatives came up the second it got disqualified. Even something as established as Instagram came up with a new feature called Reels to stay in the game.
In this overcrowded competitive world, how will the audience reach you? What is making you stand out? Trust me, even one extra unique feature can act as an advantage over others and is enough to make you stick out.
Have you identified your USP yet?
Even if you think you have a USP, how are you so sure that none of your competitors have it at all? And that brings us to our next point.
2. Identify your competitors
The worst thing you could do is only identify the big brands as your competitors in confidence thinking there won’t be any other company emerging as we talk and giving you a neck and neck anytime soon.
Be it an established big brand or a 6 month old start-up, both have equal chances of beating you.
Let’s quickly understand how to identify your competitors.
- A quick Google search will go a long way. A Survey will also help. There are many other tools that are solely made for spying on your competitors, more on that later.
- Make a criteria. From their features to the tone of their messaging, everything you think is important should be included and segmented on your Sheet.
- Document it on Google spreadsheet so that you can share it with your teammates and access it anytime, anywhere.
- Interrogate your clients. “If I shut down, which brand will you immediately go for and why?”
With the help of Competitor Analysis, you will be able to easily figure out how you can be better than your competition. That means if your competitor provides X+1, you must provide X+1+2.
Once you’ve collected all of the above information, make a presentation. But you know what’s better than the same old, rather complex, PPT? We have made available a variety of Business Models that act as a template and are much better understood than a PPT.
You just have to choose from the models, download the best one you like and compile your information accordingly.
Just go to www.unleashyourbusiness.online/resources.
There is More!
Just like every other chapter, we’ve made a list of questionnaires that will help you in tracking your footsteps and how far you’ve come.
Answering those questions will give you a clear idea as to how to plan out your business model and strategies.
I have compiled all of it and more in my book, Unleash Your Business Online, a plethora of knowledge that is just waiting to be opened.
See you there!
About the Author
I am Shubham Bapna, a proud Founder and CEO of Suprstart Ventures, Mumbai’s best digital agency, a Digital Success Coach, and now, an Author. My book, Unleash Your Business Online, is about all things Digital and how you, too, can mount your Legacy online. I’m delighted to let you know that my book is up online and available today. As you can see by the apparent introduction, I live, breathe, and sleep Digital! A phenomenon that took the whole world by storm is my forte, and now, it can be yours too. Follow me through this journey as I guide you along the digital pathway. There’s only one way, and it’s here! Welcome Aboard!